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Case in point: social media. Recently, there has been a number of vocal “experts” who insist social media is the key to success for advisors. Unfortunately, many firms who are trying to capitalize on this resource have been disappointed with their results. Does this mean social media is worthless? Certainly not. Leveraged properly, it can be an effective platform for engaging clients and prospects. Social media is a wonderful tool in the right context, but by itself, can also be a huge waste of time.

Compounding the problem, many advisors have a tendency to get caught on what I refer to as “the marketing roller coaster” – When business gets slow, they step up their marketing efforts in one area (i.e. hold a seminar). Then, as a result of this added effort, their prospect pipeline fills up. Once their pipeline is full, they no longer perceive an urgent need to market until the pipeline dries up again. Then it’s on to the next marketing idea. This cycle causes many advisors to miss out on the opportunity to generate consistent, predictable revenue because they are only engaging in revenue-generating activities part of the time.

So if there is no silver bullet, what actions should be taken by an advisor who wants to grow his or her business? Put simply, give clients what they need, and they will give you what you need.

Be Professional
Imagine for a moment that you have some important legal business you need an attorney to care for, and there are two lawyers you are evaluating. Attorney one works out of his car, sports a golf shirt and khakis, and doesn’t have a company brochure or website. Attorney two has an attractive office, a professional assistant, wears a tie to work, and has professional collaterals. Strictly based on appearance, whom would you choose?

This aptly illustrates the position investors find themselves in when they are looking for a new financial advisor. One of the best ways to stand out from your competition is to ensure everything about the way your practice operates exudes success and professionalism.

Talk to Them
Investors have faced many challenges during the last decade. The severe ups and downs of the market have left them needing reassurance. Clients expect their advisors to keep them informed about any events that have the potential to impact their financial affairs. They expect frequent and meaningful communication. When they don’t receive it, studies show they move their money to other advisors.

At a minimum, you should include weekly e-mails, monthly letters, occasional research papers, and educational videos as part of your communication plan. When clients think about you more, they will talk about you more; when they talk about you more, they will refer more people to you. This is also why utilizing a CRM tool to automate contact is essential. Left to chance, your communication strategy will be sporadic at best.

Wow Them
When was the last time a business made you feel special? I remember the last time it happened to me, and I won’t soon forget it. We are wired to notice when people acknowledge us. We like receiving gifts and special privileges. We enjoy the sound of people using our name. When you assure clients and prospects they are important to you, they will be more loyal and faster to refer you.

The only way to accomplish this is to implement written service standards and systems. It is impossible to deliver a high quality experience one hundred percent of the time without having the right procedures in place.

Within this framework, nearly any financial planning practice will grow and thrive. Furthermore, it is from these three areas that most practice management and marketing strategies are born. But, and this is a big but: none of these things are a silver bullet – all of them must work together at the same time.

Just as a balanced investment portfolio should include a variety of investments, a balanced practice-management strategy needs to include multiple ways to engage clients and prospects. Different clients will respond to different actions. Reviews. Phone calls. Educational events. Social events. E-mail marketing. Social media. Acts of kindness. All of these efforts need to be consistent – organized into reliable, predictable systems.

The members in our program, for example, send weekly e-mail updates, place quarterly client phone calls, review client accounts twice per year, host four social events and two educational events annually, and surprise their clients with kind acts. This doesn’t cover everything they do, but this short list provides 65 points of contact per client, per year!

So rather than looking for the silver bullet, here’s what we encourage you to do: Start improving your image, increasing your contact strategy, and wowing your clients. There may not be one single silver bullet, but the sum of these activities is certain to provide your business with growth.

The post 3 Things Better Than a Silver Bullet appeared first on Platinum Strategies.

Financial advisors should use branding to communicate their core values, differentiate themselves from competitors, and reinforce that their products and services are the ones best suited to meet client needs. Unfortunately, there are some fairly vocal proponents in the “don’t waste your time on branding; clients choose you because of who you are” camp. This thinking process is flawed because it fails to take into account one basic fact: There are a lot of people who don’t know who you are yet.

Defining Branding
Before we discuss what is involved in creating a great brand for your financial services firm, let’s define what branding is. Branding can be described as the process of using words, images, and values to identify a business and its products and services. However, great branding is about much more than a logo, company colors, or a glossy brochure and website; your brand is defined by your core values, reputation, and how you engage your clients.

The public perception of your firm will be characterized by the experiences people have with you, and it is critical that all of your marketing assets echo the same image and message you project in person. Having a clear and consistent message will ensure that when people talk about your firm, they are presenting the message you want them to.

Factors to Consider
An impression of your brand is formed the moment someone interacts with your firm, regardless of what channel they come through. Print materials, a website, marketing campaigns, and the customer experience are all a direct extension of your brand. When building your brand, take these factors into consideration:

• Your personality, style, and preferences
• The culture of the community where your business is located
• The appearance of your office, inside and out
• Your standards of client service
• Your dress and grooming
• Your employees’ dress and grooming
• Your current client profile
• Your ideal client profile
• Website
• Social media presence
• Brochures
• Anything that has your logo on it

Authenticity Combined with Adaptability
As you develop your brand, make sure you stay true to your core values and personality while making adjustments for your target market. There’s a balancing act that must occur between these two areas so you can develop a brand that is effective and authentic. On your website, for example, it would be counterproductive to have photos of people standing on yachts and waving martinis around if you live in a blue-collar farming community.

Consistently Answer these Questions
An effective brand is consistent across every channel, communicating and reinforcing the same key messages over and over again until they make an indelible mental imprint. Great branding engages emotions to make an even stronger impression on the minds of clients and prospects. Your brand must clearly articulate who you are, what you do, how you do what you do, why you do what you do, who you serve, and why you are the best choice. Spend a sufficient amount of time evaluating your current brand to ensure it answers all these questions.

Print Still Matters
Even printed materials such as brochures, newsletters, and invitations are essential to your branding strategy because they are a tangible representation of your firm that clients may keep and refer to later. In face-to-face meetings, branded folders and brochures reinforce your connection to the client while showing that you are organized and prepared for the meeting. Branded forms, newsletters, and other collaterals give clients the perception of professionalism and permanence.

Web Strategies Are Vital
Social media and web marketing are vital to a comprehensive branding strategy. In today’s fast-paced digital world, professional brochures and advertising are no longer enough to keep up. Increasingly, clients and prospects are moving online to search for solutions and advice, and a website might be their first contact with your firm. Having a professional web presence is critical to ensuring that you are in control of the information people find about you online.

Social media use among financial advisors and consumers is on the rise, and the benefits of using these tools are clear. A quick review of research shows that:

• LinkedIn Tops all other Social Networks in Google Search Results. – Small Business Chronicle
• 77 of the world’s 100 largest companies maintain a corporate Twitter account. Media outlets are the most active users. – Jeff Bullas
• Facebook users age 55 and up are the fastest growing demographic on social media, and are among the most active Facebook visitors. – ZDNet
• Pictures, videos, and multi-media content get 53% more “likes” and 104% more comments than text updates. – Hubspot

Changing environments and a crowded marketplace for financial advice and products make it imperative for financial services firms to develop and communicate a cohesive branding message. When combined with a good reputation, a great brand is like icing on a cake. It will help you attract clients, retain their business, and encourage referrals. Strong branding maximizes your return on marketing efforts, ultimately increasing your bottom line. Above all though, make sure to deliver on your brand promise. While having a beautiful brand will attract clients and prospects to you, it’s what you do in the long run that matters most.

The post Does Branding Really Matter? appeared first on Platinum Strategies.

Good leaders know that their people are their greatest asset. This is especially true in our industry because financial services is a “people” business. Think about your own circumstances: What would you do without an administrative assistant to help you meet client needs?

Each year when this day rolls around, we always make an effort to recognize the contribution our employees make to our firm. We have done this a number of different ways, but the key thing is that they know how appreciated they are. Cards, flowers, and cash never go out of style, but here are a few “creative” ideas for you:

- Take them to lunch at their favorite restaurant
- Have their car washed
- Give a gift certificate to the local spa
- Invite a masseuse to your office to give chair massages
- Leave a handwritten note expressing your appreciation
- Have a pen or notebook engraved/embossed
- Offer tickets to local events
- Classy gifts: http://www.tiffany.com (Check out the “Business Gifts” section $150)
- Strictly business gifts: http://www.successories.com/
- Unique, high-quality gifts: http://www.redenvelope.com/
- Unique, humorous gifts: http://www.gifts.com/occasion/assistants-day/ZQQ

These are just a few suggestions, but the possibilities are endless. For 1001 more ideas, check out the book 1001 Ways to Reward Employees by Bob Nelson.

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In working with hundreds of the nation’s top financial advisors, I have found that both models – minimum or not – can be equally effective. Just as Bloomingdales and Wal-Mart are both extremely successful retail stores but cater to different markets, advisors can develop a business model that will thrive, regardless of whether they hold to a minimum.

If you’ve been considering the idea of instituting an account size or household minimum of some kind in your practice, here are some questions that can help you decide if it’s right for you.

Will it work in your community?

One of the first things you need to evaluate is whether the community where your practice is located has enough households with the investible net worth to meet your minimum while generating sufficient revenue for your practice. If, for example, you live in a city like Arlington, Virginia, where 14% of the residents are in the top 5% and have a median income of $86,000, sticking to a minimum should be no problem. If you live in a place like Milwaukee, Wisconsin however, where 26% of the residents are below poverty level and the average income is $40,000, you may want to think twice about trying to cherry-pick your clients. Remember, too, that the averages don’t tell the whole story. You also need to analyze the population size and number of competitors you have. Even if 50% of local residents are dripping with wealth, you could still find yourself in a bad spot if there aren’t enough quality prospects to go around.

Are you prepared to back it up?

One key to implementing successful minimums involves defining your reasons for doing so. Clients and potential clients will both need to understand how your minimum provides them with extra value. If your explanation for having a minimum comes across as self-serving, it can turn people away. Be prepared to support your rationale with a litany of benefits your clients receive because you are selective about the families you work with. These could include more face time with you, highly customized and creative wealth management solutions, the chance to network with elite professionals at private social events hosted by your firm, decreased fees and enhanced services, or any number of benefits. In short, don’t have a minimum just for the sake of it; have a minimum because of the extraordinary service you provide.

It is also imperative to stick with the minimum you set. If you make frequent exceptions by taking on clients who don’t meet your minimum, you will weaken its effectiveness to nothing more than a second-rate sales pitch. This is not to say you can never make exceptions. It’s just that if you do, you need to have a good reason for doing so, and you must explain these reasons to the client so they feel like they are receiving special treatment. This is because one major benefit of having a minimum is that, as word spreads, you will earn a reputation for it. When the community learns that you only work with families of a certain net worth, those who fit your criteria will be attracted to you. Where minimums are concerned, you must be prepared to make short-term sacrifices in exchange for long-term gain.

Related questions you need to answer honestly: Does your business have the financial strength to turn revenue away? Do you personally have the foresight and emotional fortitude to turn clients away? Can you explain how your services are different or superior from your competition that doesn’t have minimums?

Who do you want to be?

With a retail price north of $200,000, Aston Martin produces less than 2,000 Rapides per year. By contrast, Honda produces one hundred times that many Accords. While most of us would rather have the former, we must acknowledge that both companies perform a valuable function by giving a group of individuals what they need, and both companies thrive financially as a result. In a similar vein, serving the mass affluent can be just as enjoyable and profitable as serving the ultra high net worth. Ultimately then, every advisor must choose which model fits him best, and then build the appropriate infrastructure to support that model.

Let’s assume you run your practice like an army of one – answering phones, scheduling appointments, greeting clients, writing financial plans, conducting reviews, rebalancing portfolios – doing everything required to keep your business running. In this scenario, you can’t afford not to put a minimum in place. Without a minimum, you will soon find yourself overwhelmed and unable to take on new clients. In a perfect world, an advisor who wants to run her practice this way could have 100 $1,000,000 households, work part-time, and make a great living.

Now compare an advisor who has capable assistants handling day-to-day operational details. This advisor’s team handles everything that happens behind the scenes, leaving the advisor to do nothing but meet with clients at pre-determined intervals. In addition, this advisor is a technology guru, leveraging powerful online tools to help him manage the wealth of his clients and to automate his communications. In this scenario, it may not be necessary to put a minimum in place, and if there is one, it could be much lower than the aforementioned advisor.

Granted, these examples are on opposite ends of the spectrum, and most advisors fall somewhere in the middle, but the decision making process needs to be partly based on such factors.

Related questions you need to answer honestly: How well does your business utilize technology to create scalability? Are you a good delegator, or do you tend to hold onto things? When you look down the road, where do you envision your practice in 10 years – as a boutique firm serving a select few, or as a giant organization serving thousands?

Are you ready to put a plan in place?

The advisors who successfully implement a minimum account size don’t do so arbitrarily. A significant amount of forethought and planning is required to ensure they pick the right number, communicate it properly, notify their clients in the correct way, and ultimately, improve their business as a result. If this is something you are considering in your practice, take some time to analyze your current client base, your community, and the additional areas mentioned above to see if this is something that will truly work for you. And remember, if you decide that having a minimum is right for you, don’t be afraid to take the leap. No great reward comes without a measure of risk.

The next article in this series will discuss the specific steps that need to be taken once you decide to implement a minimum.

The post Should You Institute a Minimum Account Size? appeared first on Platinum Strategies.

On March 15 the SEC issued a new guidance update that clarified its policies on social media technology and the types of communications that must be reported to regulatory agencies. Essentially, the SEC has agreed that certain types of interactive social media posts do not qualify as promotional material or advertisements and do not need to be filed with regulators. This is great news for advisors because the update indicates that the SEC is opening up to increased use of social media by advisors for purposes of marketing, soliciting feedback, and engaging with clients and prospects online.

A bit of history: Section 24(b) of the Investment Company Act of 1940 requires firms to file any advertisements or promotional materials intended for distribution to investors or prospective clients within 10 days of their release. In 2010, FINRA issued an update stating that interactive content on social media platforms qualified as advertising and fell under the jurisdiction of section 24(b) as well as Rule 482, which requires firms to file registered investment company performance advertisements.

Key takeaway: This new update means that in some circumstances, firms and advisors may post in real time without waiting for regulatory approval, getting increased benefit from the interaction. The SEC is clearly telling firms and advisors that they can talk about their products on social media, provide links to additional information and share general market and investment information without filing with FINRA. However, they are still barred from promoting returns or investment merits without going through the proper compliance channels.

From the SEC update, here are some specific examples of social media communications that generally DO NOT NEED to be filed:

• An incidental mention of an investment company or family of funds not related to a discussion of its investment qualifications. Example: “Fund X Family of Funds invites you to their annual benefit for XYZ Charity.”

• The incidental use of the word “performance” in connection with a discussion of an investment company or family of funds, without promoting a fund’s return. Example: “We update the performance of our funds every month and publish the results on .”

• A factual statement including a hyperlink to a fund prospectus or to investment information that is already filed with regulators. Example: “XYZ Fund launched two new emerging market funds this week. More info about them is available here ”

• A statement unrelated to a discussion of the merits of a fund that includes a hyperlink to general financial and investment information. Example: “The election is over, what is next for our economy? See our report analyzing the elections. .” Or: “Gold and silver have provided a relatively low correlation to stocks and bonds over the last few years.”

• A response to an inquiry by a social media user that provides factual information that does not include a discussion of the investment merits of the fund. A firm response may direct the user to information already filed with FINRA or ask the user to contact the firm by phone or email.

User Question: “What is a better investment, buying real estate or buying a REIT?”

Correct Firm Response: “There are a lot of things to consider when choosing between the two options. The answer depends on your goals and risk tolerance and whether you want to invest in a REIT, a fund that invests in REITs, or real property. While we can’t talk about specific funds [on social media] please give us a call and we’ll be happy to talk to you in more detail about this.”

Here are some examples of social media communications that still NEED to be filed:

A discussion of fund performance that provides specific mention of some or all of the elements of a fund’s return (e.g., 1, 5, and 10 year performance) or promotes a fund’s returns. Example: “Fund performance rebounded strongly during the third quarter of 2012.”
A communication initiated by the firm that discusses the investment merits of a fund. Example: As you plan for retirement, consider our new lifecycle fund.”

While this guidance update is a boon to advisors who would like to make greater use of social media in connecting with prospects and clients, a looser leash on communications does not decrease firms’ responsibilities for recording and monitoring all the social media content being published, regardless of whether it is filed with regulators. Firms are still required to archive and retain records of all profiles and interactive communications as well as to maintain supervision of employees in the use of social media. If advisors have questions about the appropriateness of a post or communication, it’s still best to check with compliance to ensure that they stay on the right side of regulators.

This new SEC guidance is a positive signal that our industry is making much needed progress. In a way, you could say we’re coming out of the social media dark ages, and finally entering the renaissance.

The post Inside the SEC’s New Social Media Guidance appeared first on Platinum Strategies.

1) Follow the Rules of Your Firm

Regardless of what we’re publishing here, we are compelled to mention that you must ultimately adhere to the guidelines set by your firm. If your supervisor says you aren’t allowed to use Facebook, sorry, you can’t use Facebook. The good news is that you have someone looking out for you. Whether you understand their reasons or not, they have an obligation to set guidelines and monitor your social media activity. Being familiar with your firm’s policies and following them closely is in your best interests.

2) There Are No “Social Media Rules”

Most advisors are shocked to hear this, but the fact is that regulatory bodies like FINRA and SIPC have not written any new rules to govern social media. What they have done is apply existing rules to this new technology. FINRA Regulatory Notices 10-06 and 11-39 as well as SEC Risk Alert dated January 4, 2012 are helpful in interpreting these rules, but it is important to use common sense. To quote the SEC, “Firms’ use of social media must comply with various provisions of the federal securities laws, including, but not limited to, the antifraud provisions, compliance provisions, and recordkeeping provisions.” Translation: Don’t do anything on social media that you wouldn’t do outside of social media.

3) Personal vs. Corporate

Unless your firm says otherwise, your personal social media profiles do not have to be monitored and archived. What determines whether your profile is personal or business? If you discuss business matters, it’s business. If you want to be friends with your clients on Facebook, that’s great. But if they want to talk business, have them call you at your office or send you a message using your compliance approved e-mail address.

4) Consider Suitability

FINRA rule 2111 requires advisors to ‘have a reasonable basis to believe that a recommendation is suitable for a particular customer based on that customer’s investment profile.’ Because it is impossible to know the full investment profile of everyone in your social media audience, it is inappropriate to make specific investment recommendations on these tools. Think of your social media audience like a room full of people at a seminar or client event. Don’t say anything on social media that you wouldn’t say to that group. This is one area that could get you in big trouble. To protect yourself, you may want to add a disclaimer to your social media profiles that tells everyone that nothing you say should be construed as investment advice.

5) Recordkeeping Requirements

According to FINRA’s interpretation of NASD Rules 17 and 3110, as well as the Securities Exchange act of 1934, “the obligations of a firm to keep records of communications made through social media depend on whether the content of the communication constitutes a business communication.” Thankfully, there are plenty of new tools that have emerged to assist you with meeting this recordkeeping requirement. If you are a compliance officer looking for an effective tool to use, you may want to check out SocialWare, Actiance, Smarsh, or Arcovi.

6) Static Content vs. Online Electronic Forum

Content that does not change regularly, such as a LinkedIn profile, a Twitter background, or a Facebook page are considered to be static and are treated like advertising, meaning they need to be approved by a principal in advance. However, things like tweets and status updates do not require pre-approval. Per regulatory notice 11-39: “FINRA considers unscripted participation in an interactive electronic forum to come within the definition of “public appearance” under NASD Rule 2210. Public appearances do not require prior approval by a registered principal.” So tweet to your little heart’s content – as long as your principal says it’s okay, of course.

7) LinkedIn Endorsements and the Facebook “Like” Button

This is where things get a little tricky. Ultimately, you’ll need to defer to the rules of your firm on this one, but I’ll share what the regulators have published. According to the SEC, “Third-party use of the “like” feature on an investment adviser’s social media site could be deemed to be a testimonial if it is an explicit or implicit statement of a client’s or clients’ experience with an investment adviser or IAR.” To illustrate: If the public is invited to “like” your biography posted on a social media site, this could be viewed as a type of testimonial prohibited by rule 206(4)-1(a)(1). On the other hand, if they merely “like” a picture you posted, it may not be considered an ‘implicit testimonial.’ So what should you do? Disabling the “endorsements” section of your LinkedIn profile is probably a good idea. On Facebook, avoid posting anything that could be deemed as a testimonial if someone “likes” it.

8) If Your Clients Want to Recommend You, Let Them Do It On Their Own Site

As we just reviewed, testimonials are prohibited from appearing on any website you control. That being said, your friends and clients have the constitutional right to say anything they wish on their own social media sites. So if one of your clients is bummed that they can’t put a testimonial on your Facebook page, thank them for their kindness and remind them that they can feel free to add it to their personal page.

Still Uncertain?

In the end, I hope you can see that social media compliance isn’t as scary as some people make it out to be. Simply follow the rules of your firm, use common sense, and avoid doing anything you wouldn’t do in person.

For more information, you may want to check our sources:

FINRA NOTICE 11-39
FINRA NOTICE 10-06
SEC RISK ALERT 1-4-12

The post 8 Things Financial Advisors Should Know About Social Media Compliance appeared first on Platinum Strategies.

26% of ultra-high-net-worth investors use LinkedIn. – Northern Trust

58% of U.S. internet users that earn $50,000 per year are on LinkedIn, while only 7% of those that earn less than $30,000 annually are. – Marketing Land

LinkedIn Tops all other Social Networks in Google Search Results. – Small Business Chronicle

Set Up Your LinkedIn Profile for Success

The first step to getting started with LinkedIn is to set up a profile that represents you well and that makes it easy for people to find you. To get you started, here are a few tips for success:

• Upload a professional image. Don’t forget to smile.
• Draft a compelling headline that summarizes who you are and what you can offer.
• List your current position and at least two past positions to establish yourself as an expert in your field.
• Use the summary section to concisely explain professional achievements and how you are seeking to help others.
• Complete the specialties section using keywords and customer-focused language.

Optimize Your LinkedIn Profile

Once you have a basic profile set up, there are a few ways you can tweak it in order to improve your search results and drive traffic back to your main website. Since LinkedIn is considered a “high authority” site by search engines, it will rank well in searches for your name or company. In order to get you off on the right foot, here are a few tips for optimizing your profile:

• Create a unique URL for your public profile and make all information publicly accessible to maximize searchability.
• Add relevant keywords to your profile and create anchor text for all links back to your website or blog (i.e. “San Francisco Financial Advisor”) to boost your SEO.
• Ensure your profile is as complete as possible. Add skills, publications, certifications, and charitable affiliations.
• Answer professionally-relevant questions on LinkedIn Answers. Not only will this build rapport with other professionals, but it will be visible to others, sending traffic your way.

Master LinkedIn Connections

Like all social media, LinkedIn is all about connecting with others, and it’s important to understand how to leverage those connections to grow your business. Some financial advisors on LinkedIn connect far and wide, adding to their network virtually everyone they meet. Others prefer to use LinkedIn only to develop a close network of partners, mentors, or other curated group. There are clear benefits to both approaches. The first allows you to maximize the reach of your marketing, while the second enables you to develop a targeted network of connections with whom you can interact deeply and build close relationships. Whichever method you subscribe to, be genuine, helpful, and personal when contacting potential connections.

In order to get started building a network on LinkedIn, follow these basic steps:

• When sending invitations to connect, always send a semi-personal or personal message.
• Connect with your first-degree network by importing contacts from e-mail and other social networks.
• Add previous colleagues and classmates.
• Build second-degree connections by browsing the profiles of your personal network and inviting interesting people. If you feel that it’s necessary, ask for an introduction.
• Build advanced connections by searching for professionals with similar backgrounds. When you find someone who might be interesting or useful to you, invite them to connect, being sure to personalize your message to them.
• Join professional associations and groups. Some groups can have upwards of 10,000 members, greatly increasing your potential exposure.

Convert Online Activity Into Offline Returns

Using LinkedIn to support your outside marketing efforts is critical to generating a return on your social media investment. You can use LinkedIn to:

• Promote offline events, appearances, and speaking engagements.
• Create a wider audience for newsletters, columns, and blog posts.
• Upload recordings of TV and radio appearances to reach additional audiences and increase visibility.
• Develop relationships with local professionals in complementary businesses, such as attorneys and CPAs.
• LinkedIn will notify you when people in your network change jobs or receive promotions. Use this opportunity to congratulate them and offer a review of their retirement plans.
• If your clients are on LinkedIn, browse through their connections and ask for introductions to people you would like to meet.

LinkedIn Compliance

Static content such as LinkedIn profiles are considered advertising under Rule 2210 and are subject to archiving and oversight by a registered principal. Interactive content such as LinkedIn Answers, forum posts, or status updates are required to be archived and supervised to abide by FINRA communications rules, though specific permission is not required before participating in online conversations. Ultimately, like all social media, use of LinkedIn needs to remain within suitability and supervisory regulations and any guidelines set by your compliance department. For more information about social media compliance please visit Social Media Compliance For Financial Advisors.

LinkedIn is not a magic bullet that will instantly solve all your marketing challenges, but it can be a powerful tool. Used properly, it can help you increase the reach of your offline marketing, and enable you to connect with potential leads, clients, and partners.

Did we miss anything? What other ways have you used LinkedIn to grow your business? Let us know in the comments and we’ll add it to the list!

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